CBE: Foreign reserves rose to $46.13 bn by May-2024 end

The Central Bank of Egypt announced that the volume of foreign exchange reserves rose by 31%, with an increase of $ 10.906 bn during the first 5M of this year, to reach $46.126 bn by the end of May-2024, compared to $35.220 bn by the end of December 2023.

On a monthly basis, Egypt's foreign exchange reserves rose from $41.057 bn by the end of April to $46.126 bn by the end of May 2024, registering growth of 12.35% and an increase of $5.069 bn over the past month.

Foreign cash reserves are assets owned by CBE, comprising a basket of foreign currencies, gold, Special Drawing Rights units, as well as the net position at the International Monetary Fund, mostly held in US dollars.

These reserves are used to support the currency, pay off external debts, and secure the country's needs for necessary foreign cash for external economic transactions, such as importing essential goods.

Additionally, these reserves serve as an indicator of a country's economic strength or weakness internationally and regionally. They reflect international confidence in the economy and indicate the country's ability to manage its needs for strategic goods, medical products, medicines, and raw materials.